Pacific Maritime Association

This table shows maximum pension benefits by retirement date. Also shown are the maximum years of service which may be credited toward benefit accrual and the benefit rate per month per year of credited service by retirement date. PENSION BENEFITS FOR NORMAL RETIREMENT (the following benefits were effective July 1, 2023) Retirement Max Yrs. Rate Per Max. Mo. Date of Svc. Mo/Yr. Benefit Before 7/81 25 $116 $2,900 7/81-6/84 30 $116 $3,480 7/84-6/87 33 $116 $3,828 7/87-6/93 35 $116 $4,060 7/93-6/99 35 $116 $4,060 7/99-6/02 35 $115 $4,025 7/02-6/08 35 $155 $5,425 7/08-6/14 37 $180 $6,660 7/14-6/24 37 $215 $7,955 This table shows examples of monthly benefit accruals for the credited annual hours between 800 and 1,300. The example is based on the monthly normal retirement rate effective on or after July 1, 2022. A minimum of 800 credited hours per payroll year is required to earn a qualifying year of service for vesting and eligibility. ILWU-PMA Pension Plan The industry Pension Plan has seen major upgrades in recent years. Currently, the maximum yearly retirement benefit is $95,460 which has been in effect since July 1, 2021. The "Normal Retirement Date" is age 65 or the fifth anniversary of the date of participation, whichever is later. Reduced retirement benefits are payable for Early Retirement as early as age 55 with 13 years of service. Effective July 1, 2021, the rate of pension benefit accrual for longshore employees retiring on or after July 1, 2014, was $215 per month per year of qualifying service. This rate provides a maximum monthly pension benefit of $7,955 (or $95,460 annually) for a participant with 37 or more years of qualifying service retiring at age 62 or later. For those with at least 13 years of qualifying service taking early retirement between ages 55 and 62, the benefit is reduced for each year before age 62 (5% or fraction thereof for each year). A $500 monthly "bridge" supplement is paid, until Social Security retirement age, for those who retire at age 62 with at least 25 years of service. For retirees on or after July 1, 2008, maximum pension benefits are based on 37 years of service at retirement. Surviving spouses or dependent child survivors of plan participants receive a benefit equal to 75% of the amount per month per qualifying year of service that would have been received by the participant were they still alive. 0 4 6 8 10 2 Number of Pension Benet Recipients (thousands) 2003 2008 2013 2018 2023 Pensioners Surviving Spouses NUMBER OF PENSION BENEFIT RECIPIENTS NUMBER OF PENSION BENEFIT RECIPIENTS BY YEAR Normal/ Dis- In- Sub- Post- Pre- Sub- Early ability Service QDRO total Retire Retire total Total 2014 4,113 950 26 365 5,454 2,517 613 3,130 8,584 2015 4,149 945 22 384 5,500 2,566 623 3,189 8,689 2016 4,192 968 17 402 5,579 2,526 630 3,156 8,735 2017 4,271 971 13 420 5,675 2,476 634 3,110 8,785 2018 4,327 976 12 431 5,746 2,485 652 3,137 8,883 2019 4,477 966 9 452 5,904 2,456 665 3,121 9,025 2020 4,637 960 4 482 6,083 2,457 664 3,121 9,204 2021 4,654 917 3 442 6,016 2,509 669 3,178 9,194 2022 4,672 899 2 432 6,005 2,490 679 3,169 9,174 2023 4,748 902 – 359 6,009 2,542 683 3,225 9,234 SURVIVING SPOUSES PENSIONERS Credited Annual Hours Monthly Benefit Accrued 1,300 $215.00 1,250 $206.73 1,200 $198.47 1,150 $190.19 1,100 $181.92 1,050 $173.66 1,000 $165.39 950 $157.11 900 $148.84 850 $140.58 800 $132.31 FRACTIONAL BENEFIT ACCRUAL Disability pensions have no minimum age but do require a minimum of 10 years of service and the participant must have worked or been credited with at least 500 hours of service in five of the last 10 payroll years, preceding or ending with the year of retirement. The monthly benefit is the same amount as the Normal Retirement Benefit (with no reduction for its early commencement) except that no bridge supplement is payable. A year of service for benefit accrual is established when a registered participant is paid or is credited with 1,300 hours. Creditable hours include work, travel, and vacation hours, as well as equated hours for PGP, and paid holidays. A participant who is credited with fewer than 1,300 hours but at least 800 hours in any payroll year will earn a fraction of a year of service for benefit accrual determined by dividing the number of credited hours by 1,300. Years of Service credited prior to 1994 are not subject to reduction in benefit accrual based on hours credited. A minimum of 800 credited hours per payroll year is required to earn a qualifying year of service for vesting and eligibility. A participant is vested after five qualifying years of service or, if earlier, at Normal Retirement Date. Benefits are 100% vested after five qualifying years of service. If a participant leaves the plan prior to the vesting date, no partial benefits are received. Once vested, a participant's earned qualifying years of service remain credited for life. The Plan is non-contributory for the participants and is completely funded by employer contributions. PACIFIC MARITIME ASSOCIATION 41 I N D U S T RY B E N E F I T S

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